You may not have a specific or identifiable need, but would like to discuss your business with us on a confidential basis. We'll ask some questions, you ask some questions, and we take it from there. There's no obligation, just a small charge for our time.
Is your advertisement being seen by your Target Market?
Have people come to your store because of your advertising?
Do Consumers in your target market LIKE your advertisements?
These questions are best answered by doing a small survey amongst members of your target market. Parker Analytics can assist you.
Whether you are buying or selling a business, it is important to ensure that a fair and reasonable price is obtained. As part of this process you will need an assessment of market conditions and a forecast of likely future sales and earnings. For many businesses the best guide to a fair price is a multiple of the projected net profit, with the multiple based on the degree of risk. Parker Analytics can assist you.
Whether it be an advertising campaign, new product, service or property development, it is very useful to conduct some preliminary research amongst potential users, in the form of a concept test. This would typically involve one or more focus groups where selected respondents are invited to participate, the proceedings are controlled by an experienced moderator and the general subject area is explored in discussion. The conversation will gravitate towards the client's specific area of interest, and respondent's attitudes and ideas explored in some depth.
Of all the people in your target market, how many have heard of your business? How many have actually visited your store? How many are regular shoppers? How many don't shop there any more?
There are some useful measures of Awareness, Usage and Attitude available through market surveys, and these can guide your marketing and advertising strategies to grow your business. Knowledge is power. Parker Analytics can help you.
Customer Service Ratings
You take your car for a service, and next day you get a phone call asking you to rate the service. You make a hotel booking on the internet, and after your stay you're asked to rate your experience. These ratings are important for the suppliers. They are an on-going check on the health of the business. Parker Analytics will shortly introduce a Customer rating service on our website. You are welcome to join and see how your business fares.
In a growing town, you need to re-assess your position at regular intervals and update your offer. Often this will mean enlarging your store, re-locating or opening an additional outlet. You may want to spread your wings and open outlets in other towns. Parker Analytics can help you do the maths to get an accurate fix on your development potential.
Market Potential Estimates
The market potential for a product or service is the size of the market divided by the number of competitors times their relative strength. Here the key is to get the size of the market right, and to correctly assess your relative strength. Parker Analytics can do this for you.
What are you doing in terms of marketing? Is there a detailed plan? Is there a carefully thought out strategy behind the plan? And is the marketing programme yielding the expected results? A marketing audit seeks to quantify this, and make recommendations to optimize your spend. Parker Analytics can help.
A mystery Shopper is a researcher who is paid to come into your store, examine the merchandise, take note of displays, housekeeping and premises standards, then make a purchase and rate her experiences.
Mystery shopping studies are used extensively to keep tabs on service standards throughout a retail chain, shopping centres etc. They are usually conducted several times a year with the results trended. Parker Analytics can do this for you.
How do your prices compare with competitors'? Shoppers are sensitive to price, and will shop around for the best deals even for relatively minor items. You need to know where you stand, and you need to do this regularly. Parker Analytics can help.
Often under-rated by small businesses, store location is crucial in determining the success of a retail or consumer service business. There are many aspects to take into account in assessing location quality, and they all need to be carefully assessed. Parker Analytics can do this for you.
No business can be all things to all people. Each business will evolve into having its own defined market based on a variety of factors. Do you know what your market is? How do you define it and how do you measure it? Parker Analytics can help you here.